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Energy crisis in Europe

European gas prices to be less stable because of declined Russian supplies — FT

European underground gas storages are 82.64% full now and contain 91 bln cubic meters of gas

LONDON, January 11. /TASS/. Natural gas prices in Europe will be much less stable in years to come because of the dramatic cuts of supplies from Russia and the need to support liquefied natural gas (LNG) deliveries from abroad, The Financial Times newspaper said, citing experts.

"Europe has lost its flexible supplies of gas like the domestic production in Groningen and Russian pipeline gas," the news outlet said, citing Marco Saalfrank, the team leader of Axpo energy group. European natural gas prices "will react faster and in a stronger way than in the past" due to the loss of those flexible supplies and the need to attract LNG cargoes to Europe, the expert said.

European underground gas storages are 82.64% full now and contain 91 bln cubic meters of gas. According to Kpler, this was facilitated by about 100 mln metric tons of LNG imported by EU countries in 2023.

Gas offtake from European gas storages is above 900 mln cubic meters per day now, amid a significant weather drop.

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Energy crisis in Europe

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